Official Russian Media: Islamic State is World’s Best Financed Terrorist Organization

We are not in the habit of quoting official Russian news agencies here, but in this case TASS is simply regurgitating what has already been widely reported in independent Western media:

The Islamic State (IS), which has declared a caliphate stretching across Syria and Iraq, has been placed on top of the list of the world’s wealthiest terror networks by Forbes Israel.

The IS, previously known as the Islamic State of Iraq and the Levant (ISIS), which has seized key oil fields and refineries in both countries, has an estimated net worth $2 billion, leaving its rivals behind.

The Iraqi Sunni group reportedly earns around $2 million by selling crude oil a day. The price for oil ranges from $25 to $50 per barrel and extremists sell almost 30,000 barrels a day.

The Palestinian movement Hamas has an annual turnover of $1 billion, which is mainly due to sponsor support from the Persian Gulf states and charity funds and organizations.